Boston ranked as the third most expensive rental market in the US

Boston was named the third most expensive rental market in the country, moving up two spots in Zumper’s December report.

While the median cost to rent a one-bedroom apartment rose 3.3 percent to $2,480 in Boston in November, the price to lease two bedrooms remained stable at $2,750, according to the online rental site’s report, which was released Thursday.

Nationally, the median rent for a one-bedroom grew 0.8 percent in November to $1,212, and the cost of a two-bedroom also increased, rising 0.5 percent to $1,430. The analysis covers 100 cities.

Topping the list was San Francisco, followed by New York City. According to the report, San Jose tied with Boston for third place, even though the median cost of a two-bedroom rental in the California city is $200 more a month.

The 10 most expensive rental markets:

San FranciscoOne-bedroom: $3,560Two-bedroom: $4,720

New York CityOne-bedroom: $2,750Two-bedroom: $3,190

Boston (tie)One-bedroom: $2,480Two-bedroom: $2,700

San Jose, Calif. (third):One-bedroom: $2,480Two-bedroom: $2,900

Los Angeles:One-bedroom: $2,410Two-bedroom: $3,240

Oakland:One-bedroom: $2,350Two-bedroom: $2,860

Washington, D.C.:One-bedroom: $2,130Two-bedroom: $2,650

San Diego:One-bedroom: $1,910Two-bedroom: $2,500

Seattle:One-bedroom: $1,900Two-bedroom: $2,510

Santa Ana, Calif.:One-bedroom: $1,880
Two-bedroom: $2,260

What does the future hold? “Rents in 2019 will most likely see accelerated growth … with continued interest rates hikes on the horizon,” according to the report. It also cites a lack of available supply to meet the growing demand, noting that the US vacancy rate is at 6.8 percent, the lowest it has been since the early 1990s.